Elice plunges 32% on its first day of listing, marking the worst first-day performance among major IPOs in South Korea

⑴ Data center infrastructure company Elice Inc. saw its share price plunge on its first day of listing, highlighting investor concerns over whether the prospect of AI development can justify the industry's massive investments. ⑵ The Seoul-based company opened with a sharp drop, plunging as much as 38%, before narrowing its loss to 32% by the close. ⑶ Data shows this is the worst first-day performance for a major IPO in South Korea's history. ⑷ Previously, the company raised KRW 20.1 billion (USD 151 million) through its IPO, with the issue price set at the high end of the guidance range and the retail tranche oversubscribed by 400 times.